487 unchanged sentences
or expansion of war or other hostilities.
+Added: on February 28, 2026, the United States and Israel launched airstrikes against Iran, including strikes that killed Iran’s Supreme
+Added: Leader and other senior officials.
+Added: Iran responded with military strikes against Israel, US military installations, and US-allied states
+Added: in the region, and moved to disrupt shipping through the Strait of Hormuz, a critical corridor for global energy trade.
+Added: Ceasefire deals
+Added: have been intermittently in place, but hostilities have continued since, including sustained US strikes on Iranian military and infrastructure
+Added: targets, retaliatory strikes by Iran and allied militias against US and partner-country installations across the region, and a blockade
+Added: declared by Yemen’s Houthi movement against Saudi Arabia.
+Added: The International Energy Agency has characterized the resulting disruption
+Added: to oil markets as among the most severe in the industry’s history.
+Added: The conflict’s effect on broader financial markets, and
+Added: its potential to widen further or draw in additional regional and global actors, could increase volatility in the price of gold and the
+Added: price of the Shares.
+Added: As with the conflicts in the Middle East and Ukraine described above, sanctions, shipping and logistics disruptions,
+Added: and broader economic fallout stemming from the conflict could affect the gold market and, in turn, the Trust.
+Added: October 7, 2023, militants from Gaza attacked Israeli towns, killed Israeli
+Added: civilians and soldiers and took hostages.
+Added: In response to the attack, Israel declared war against Hamas, attacking Hamas
+Added: and Islamic targets in Gaza.
+Added: The conflict has escalated in the past year and Israel is fighting adversaries across the
+Added: Middle East, including Hezbollah in Lebanon and the Houthis in Yemen and Iran.
+Added: The responses of countries and political bodies to
+Added: these events, the larger overarching tensions, Israel’s military response and the potential for wider conflict may increase
+Added: financial market volatility generally, have adverse effects on regional and global economic markets, and cause volatility in the
+Added: price of gold and the price of the Shares.
+Added: In addition, the conflict, along with any global political fallout and implications
+Added: including sanctions, shipping disruptions, collateral war damage, and a potential expansion of the conflict, could disturb the gold
late February 2022, Russia launched an invasion of Ukraine, significantly amplifying already existing geopolitical tensions among Russia
62 unchanged sentences
issuance of the November Shares.
−Removed: Unresolved Staff Comments
−Removed: Legal Proceedings
−Removed: Mine Safety Disclosures
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.